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Canada proposes changes to cryptocurrency investment fund requirements

20 January 2024

Canada :

proposes changes to cryptocurrency

investment fund requirements

Canadian securities officials seek to enhance transparency and clarify

rules on trusteeship and possible activities of cryptocurrency investment funds.

On January 18

the Canadian Capital Markets Authority (CSA)

issued proposed amendments to legislation on public investment

funds' handling of cryptocurrencies.

The proposed amendments aim at restricting the activities of general investment

funds in relation to cryptocurrencies and setting standards for their custody.

Under these amendments

Only alternative investment funds and non-refundable investment funds

will be allowed to buy, sell and retain cryptocurrencies directly.

For other mutual funds, they will be able to invest in those

funds only after they are exposed to cryptocurrencies.

Invested assets require that they be listed on a stock exchange recognized

by the Securities Regulatory Authority of Canada and be interchangeable.

In addition

assets are required to be secured and kept in cold wallets

and will require an annual audit of the custodian's internal

management by a public accountant.

Amendments will be incorporated into national

law 81-102 on investment funds and the accompanying policy.

National law prepares a list of

laws or orders adopted in all Canadian provinces and territories.

Securities are usually regulated in national instruments

where regulation is coordinated at the provincial level by CSA.

"We believe that this broader regulatory clarification can contribute to

the development of new products in this area

while ensuring that appropriate risk mitigation measures are taken

directly within the regulatory framework of investment funds ".

These amendments are part of a project announced in July

and proposals will be opened for suspension for 90 days.

Followed by a consultative paper and discussions on

a broader regulatory framework for encrypted assets.

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